The average student-loan debt is around $25,000, which can include other types of loans.

A financial hit to 7 million undergraduates can be reversed. If Congress passes a temporary extension to the lower rate by the end of July, the rate hike would be reversed.

Just do it, Congress. Strong options include a proposal by Murray to freeze rates for one year and a bill by U.S. Rep. Suzan DelBene, D-Wash., to hold it at 3.4 percent for two years.

DelBene deserves support from her colleagues as she tries to get 218 members to sign a discharge petition, allowing an immediate up-or-down vote on her bill, which has been blocked by House Republicans.

Families do not need interest rates that rise and fall from year to year. They need affordability and consistency. President Obama proposed annually setting rates to the Treasury's cost of borrowing and fixing rates for the life of the loan. Obama's proposal would also expand the "Pay as You Earn" repayment option so no borrower ends up paying more than 10 percent of his or her discretionary income for student loans.